29Metals (29M) H1 2025 earnings summary

Executive summary

• Achieved net profit after tax of $35.3M for H1 2025, reversing a $109.2M loss in H1 2024, aided by $54M in insurance proceeds.

• Revenue rose 12% year-over-year to $271.0M, driven by higher zinc and precious metals output and prices.

• EBITDA increased to $113M from $5M, reflecting improved operational and financial performance and insurance proceeds.

• Cost of sales decreased 10% year-over-year to $231M, supporting improved margins.

• Operating cash flow improved to $26M from $1M in the prior year period.

Financial highlights

• Revenue: $271M (up 12% YoY); Gross profit: $39.7M (vs. $15.3M loss prior year).

• EBITDA: $113M (vs. $5M prior year); NPAT: $35.3M (vs. $109.2M loss prior year).

• Cash and cash equivalents at period end: $187.1M (down from $252.4M at Dec 2024).

• Drawn debt reduced by $59M to $203M at 30 June 2025.

• Net tangible assets per share: $0.33 (down from $0.45 YoY).

Outlook and guidance

• Golden Grove expected to maintain production and cashflows, focusing on cost control and capital management, with ramp-up from the highest-grade orebody and investment in Gossan Valley.

• Restart of Capricorn Copper contingent on water management and regulatory approvals, with expenditures reduced and progress on tailings storage facility.

• Sufficient liquidity and compliance with debt covenants anticipated for at least 12 months.